1.9 Flashcards
(10 cards)
What is a Contract?
A contract is a legally enforceable agreement between two or more parties.
What does a contract outline?
It outlines the rights and obligations of each party.
Can contracts be oral or written?
Yes, contracts can be oral or written.
Give an example of a simple contract.
Buying groceries – you pay money, and the seller gives you the goods.
What is the first feature of a simple contract?
Agreement (Offer & Acceptance) – One party offers, and the other accepts.
What does consideration in a contract refer to?
Something of value is exchanged (money, goods, services).
What must parties intend regarding a contract?
The parties must intend for the contract to be legally binding.
What is meant by ‘capacity’ in contract law?
Parties must be of legal age and sound mind.
What is a requirement for the legality of a contract?
The contract must be for a lawful purpose.
What does certainty mean in the context of a contract?
The terms must be clear and specific.
